India great example of how financial inclusion can work: German envoy

India is a great example of how to bring about financial inclusion and it needs to share this experience with the world at large, a German diplomat, who was a part of the delegation at a recent G20 meeting in Kolkata, said.

He also said that India has taken over the G20 presidency from Indonesia at a crucial time for world development.

"India is a great example of how financial inclusion can work. Over the last 10-odd years, you have made tremendous progress, and are much further advanced when it comes to electronic payment methods than, say, Germany for example," Manfred Auster, the Consul General of Germany in Kolkata, told PTI.

 

Auster was a part of the delegation at the first Global Partnership for Financial Inclusion meeting of the G20, which was held from January 9-11.

"In India, you pay everything with Unified Payments Interface (UPI), every small vendor will accept it. But in Germany, we still use quite a lot of cash Financial inclusion is important as common people, especially women, can participate in the economy.

"Bring your experience in this field to the world at large, make the know-how available to other countries, which have not had that opportunity to advance in terms of financial inclusion," the envoy said.

Auster said India's G20 motto of 'One Earth, One Family, One Future' captures the spirit of the world.

India assumed the presidency of the influential bloc G20 at its annual summit in Bali in November last year.

"The country has taken over presidency from Indonesia at a crucial time for world development. Its motto definitely makes sense when we are faced with so many crises ranging from climate change to the Russian war against Ukraine," Auster added.

G20 leaders are understood to have discussed a wide range of issues on digital financial inclusion, remittances and availability of finance for SMEs during the three-day meeting in Kolkata.